JPMorgan Chase

New York, June 28 (PTI): Trading loss of global financial services firm JPMorgan Chase & Company may touch $9 billion, much higher than the previous estimates of $2 billion disclosed last month, according to a report by The New York Times.

“Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates,” the report said.

The losses have been mounting in recent weeks as the bank has been unwinding its positions.

In May, the banking entity announced that it had lost $2 billion in derivative trading and estimated that loss could double in the next few quarters.